The administrators, PwC, said they had received “a number of serious approaches from interested parties” but they had not been able to reach a deal.

PwC said that while the business had been trading successfully in administration that could not continue indefinitely without a new owner. What is described as a “managed wind down” will now take place over the next few months.

The administrators said new orders will be taken until December 17 and all existing orders will be fulfilled. All floor stock has now been reduced.

Fultons employs a total of 45 people who can now expect to lose their jobs.

The business began in Lurgan over 50 years ago and there is still a Fultons shop in the town.

It opened a Belfast operation in 1991 and moved to its new purpose-built premises in 2006.